New product rolled out after broker research
APC has announced that it will launch a public hire taxi product in early November.
In a statement, APC said that the product, called ‘public hire’, will be available to selected brokers through the underwriting agency’s quote platform, QuoteMac.
The product will be comprehensive cover only, include public liability up to £10m, and cover drivers between 28 and 70 years old.
APC’s research showed that many brokers wanted an alternative to the high excesses on taxi policies often charged by underwriters, so APC will offer a £100 excess option for additional premium.
APC director of underwriting Ian Russell said: “While the taxi market has proven difficult for some underwriters in the past, we believe the key to success is a combination of stringent underwriting and preventing anyone in the chain from financially benefiting from claims management.
“We are looking forward to building a profitable book of public hire business in partnership with brokers who recognise the importance of these key principles.”